The Dubai real estate market has continued its impressive post-pandemic growth, with record-breaking sales and transaction values in 2024. Data from the Dubai Land Department highlights a remarkable trajectory, with total sales increasing from AED69.80 billion in 2020 to AED517 billion by December 27, 2024. This growth underscores the sustained momentum and global appeal of Dubai’s real estate sector, according to W Capital CEO Walid Al Zarooni.
Al Zarooni noted that the market achieved more than double the sales volume in 2024 compared to 2020, positioning Dubai as a premier global destination for living and working. The number of sales transactions surged by 38% year-on-year (YoY) in 2024, reaching approximately 178,900 deals, compared to 129,000 in 2023. Total real estate transactions, including sales, mortgages, and donations, rose by 32% YoY to 223,904, with their combined value growing by 35.8% to AED753.60 billion—marking the third consecutive year the sector exceeded the half-trillion-dirham threshold.
The year’s mortgage transactions totaled AED 185.77 billion, while grants accounted for AED50.86 billion through 9,319 deals. These figures highlight the sector’s resilience and its ability to attract substantial investment.
Record-Breaking Fourth Quarter Performance
The fourth quarter of 2024 saw the highest quarterly real estate sales in Dubai’s history, totaling AED 142.7 billion. October alone accounted for AED61.47 billion in sales—the highest monthly figure ever recorded—followed by AED43.65 billion in November and AED37.48 billion in December.
Compared to the third quarter, Q4 sales reflected a modest increase of 0.50%, showcasing consistent momentum in the market. Al Zarooni attributed these achievements to Dubai’s strategic initiatives, which have strengthened investor confidence and sustained growth across the sector.
Optimistic Outlook for 2025
Looking ahead, Al Zarooni expects continued growth in Dubai’s real estate market in 2025, albeit at a slightly moderated pace of 10% to 15%. This would bring sales closer to the AED600 billion mark, with total transactions potentially exceeding AED850 billion.
Dubai’s record-breaking performance in 2024 has set a strong foundation for achieving its ambitious Real Estate Sector Strategy 2033, which aims to reach AED1 trillion in real estate transactions. Al Zarooni emphasized that Dubai’s strategic vision and ambitious projects ensure a prosperous future for the real estate sector over the next decade.
Key initiatives in 2024, including the adoption of the Real Estate Sector Strategy 2033, have positioned Dubai as a global leader in real estate. This strategy fosters collaboration with private and international entities, enhances transparency through better data utilization, and supports supply-demand forecasting. These efforts align with the goals of the Dubai Economic Agenda D33, particularly in making Dubai the most attractive destination for investments and a hub for economic diversification.
With billion-dirham projects launched by developers and a focus on transparency and innovation, Dubai’s real estate market continues to thrive. As the emirate pushes toward achieving its 2033 targets, its robust growth trajectory underscores its status as a global powerhouse in real estate.
